Demand ‘rises for JLT properties'

Dubai, February 21, 2013

Cluttons, a real estate specialist, reports a substantial increase in demand in commercial and retail properties in Jumeirah Lakes Towers Free Zone (JLT) in the final quarter of 2012.

Jumeirah Business Centre 3 (JBC3), a recently completed 39-storey commercial tower, is an example of the success story of JLT in the past six months. JBC3 has attracted a number of international corporate tenants and this underlines the current appetite for JLT Free Zone as a leading location for new business formation in Dubai, it said.

Cluttons has noticed a significant shift in rental confidence towards the JLT Free Zone in recent months, noting that it has now become the fastest growing free zone in the UAE. To date, reports show 55,000 people are living and working within the development. Last year was a successful year for JLT Free Zone, with 2,033 new company registrations, a 33 per cent increase on the year before, with the majority coming from Asia, Australia and Europe, Cluttons said.

JLT Free Zone offers quality mixed-use freehold space, offering commercial, residential and retail property for sale and lease, with a wide variety of prices. The major advantage is JLT Free Zone’s strategic location on the Sheikh Zayed Road, connecting Abu Dhabi and Dubai. Access to Dubai's Metro also provides short commutes to Dubai International Airport and other business hubs, it said.

Cluttons has a long-standing relationship with Al Fajer Properties, and has recently worked with the leading commercial real estate developer, which launched JBC3 and specialises in JLT commercial properties, it said.

Al Fajer Property’s Jumeirah Business Centre also boasts some of the best views in JLT Free Zone, including two world class golf courses, The Montgomerie and The Emirates, the Marina and the city.

Paula Walshe, head of commercial at Cluttons in Abu Dhabi said: “We are pleased to see a revival of JLT Free Zone, which is attracting international-grade tenants due to its ability to offer high quality space in a very strategic location.”

The CEO of Al Fajer Properties, Sheikh Maktoum Hasher Al Maktoum said: “We have developed a unique product that is a cut above the rest especially in quality and value. Being a single landlord tower is one of our stronger points.” – TradeArabia News Service